Higher cab fares slightly depress ridership, but boost revenue
New York cab drivers are logging fewer miles but making more money. The city's Taxi and Limousine Commission has released ridership figures since last May, when a 26-percent fare hike went into effect. The higher price has chased away some riders. The average cab logged about two fewer miles a day from May through December, compared with the same period in 2003. But revenue is up by about 50 dollars a cab, to 314-dollars a day. The fare hike was aimed at covering the increased cost of living for drivers and paying for new technology, like electronic tracking and credit-card fares.